Crypto Market Plunges $700M as Bitcoin Crashes Below $63,000
A $700 million liquidation wave has swept through the cryptocurrency market as Bitcoin, Ethereum, and XRP plummeted ahead of the US Federal Reserve's interest rate decision.
Bitcoin's recent rally came to a screeching halt after failing to breach the $65,600 resistance level on Monday. Instead, it plunged to a ten-day low, wiping out all its gains from the previous weekend.
The largest digital asset has lost nearly $3,000 in hours and is now trading at $63,000, its lowest point since July 17. Analyst CRYPTOWZRD warns that if BTC fails to maintain this support level, it could slump to new local lows.
Ethereum's two-month peak of $1,980 was short-lived as it lost $100 and is now trading below $1,900. XRP has dumped by 4.5% to $1.06, while SOL and HYPE have experienced similar losses.
The market crash has been particularly brutal for over-leveraged traders, with more than 165,000 participants getting wrecked in the past 24 hours, resulting in a total liquidation value of almost $700 million.